Oil Prices Gain on Steady Demand Growth in China; Unexpected Fall in Crude Stocks
Investing.com - Oil prices gained on Wednesday in Asia amid signs of steady demand growth in China and data that showed an unexpected fall in U.S. crude stocks.
Crude Oil WTI Futures were up 0.6% to $64.45 by 12:50 AM ET (04:50 GMT) while international benchmark Brent crude gained 0.4% to trade at $71.97.
WTI is up 41% on the year; Brent is up 33%.
The National Bureau of Statistics showed on Wednesday that China's refinery throughput in March rose 3.2% from a year earlier to 53.04 million tonnes.
Meanwhile, the American Petroleum Institute reported overnight that U.S. crude inventories fell by 3.1 million barrels in the week ended April 12 to 452.7 million, compared with the expectations for an increase of 1.7 million barrels.
In June, the Organization of the Petroleum Exporting Countries (OPEC) and its partners will decide whether to continue to curb their production, although there are worries that Russia is reluctant to extend the current production cut agreement with OPEC.
TASS news agency cited Russian Finance Minister Anton Siluanov as saying that Moscow and the cartel may decide to boost production in order to recover market share from the U.S.
Official data on U.S. inventories from the Energy Information Administration is due to be released later in the day.
Related Articles
U.S. wins WTO ruling against China grain import quotas
Oil Prices Rise Slightly as Declining Inventories, Supply Cuts Support